Simple ways to accumulate the optimal amount of assets for your retirement years. - Please Tweet This!
Contributing Author: Stacie Walker
Before you begin reading this very important content to improve your financial health and increase your bankroll, I must disclose that this is a sponsored post but it has been edited and written by me. I only want to give you valuable and quality content.
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Determining the optimal amount of assets to accumulate in order to retire comfortably is not always as straightforward as you may assume.
With each individual, there are loads of variables that affect this algorithm differently. And in many cases, there will be variables that develop unexpectedly that must be efficiently dealt with too.
However, there are some solid guidelines to help steer your retirement planning thoughts.
Let's examine some common questions with practical answers and insights:
How Much Money and Assets Do I Need to Retire?
You have to consider several factors when determining the optimal amount to retire with.
Of course, the obvious answer is the more, the better. But that is not a realistic approach to discerning what you'll actually need.
It wise to remember ongoing expenses such as health care, travel, groceries, clothes, entertainment and anything else you plan to spend money on in retirement.
So you have to ask realistically ask yourself this important question,
"What it is going to take to keep my life sailing smoothly as I get closer to my retirement years?"
How much will you need for housing? Will you downsize after retiring and just maintain a simpler housing situation?
Many retirees opt to sell their homes and downsize because they are no longer interested in the laundry list of maintainence that their home requires.
Drooling over a large 10 bedroom home is what a woman like me dreams while watching House Hunters on HGTV. You know what I'm talking about.
As soon as I come back down to earth, I realize the upkeep would be crazy expensive.
So, think about housing.
If you travel a lot or plan to travel, do you really need to maintain your large and luxurious family home? I don't know about you but I think I would invest my money to hike the amazing landscape of New Zealand.
What about transportation? What do you want to drive? Do you want to drive at all?
You may gasp at what I'm about to say but maybe you want to begin using public transportation.
This may not be a practical solution for you.
For example, I currently live in a large city and on the outside of the city limits. If I used public transportation, then it would cost me more to get around than having a monthly a vehicle payment.
You may discover that you have had enough of dealing with heavy traffic and anxiety-causing road rage once you reach your retirement age. Not only that, you may not want to keep on paying for unending vehicle maintenance and repair.
If you live in a condensed city where it is actually more logical to use public transportation, then you can save a boatload of cash to fatten up your retirement assests.
What kind of financial support do you want for your family and loved ones?
The people in your life will still need financial support after you retire.
If you have children or plan to have children in the future, then you want to make sure they are financially healthy during your retirement years
Every hypothetical retirement master plan resource that you research will attempt to discern the optimal retirement amount for you, but they can't.
In order to get an exact optimal figure, you would have to have foresight about your death date and a lot of other information that you will never know the answer to.
The actual day of your retirement, you will be able to say whether, or not, you succeeded at developing your retirement assets maximally. Then, the processes of restrategizing will continue throughout your retirement.
The best way to determine your optimal retirement amount is to get in the habit of taking action to increase your retirement funds, get regular advice from a reputable financial advisor, and live an inexpensive life.
Image Credits:401(K) 2013, origamidon, R4vi, pauleraresende via Compfight cc
About Stacie Walker:
Stacie Walker is an International Best Selling Author, Podcast Producer, Internet Business Strategist and Mentor. Stacie adores working with professional leaders and entrepreneurs in the small business, home business, and online business industries.
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Disclosure of Material Connection: This is a “sponsored post.” The company who sponsored it compensated me via a cash payment, gift, or something else of value to write it. Regardless, I only recommend products or services I use personally and believe will be good for my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
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